Posco Daewoo seeks to expand natural gas business

Posco Daewoo, the trading arm of South Korean steel giant Posco, is seeking to expand its energy business, in particular in the natural gas sector, by joining the league of energy giants across the world.

Its CEO Kim Young-sang attended an annual meeting hosted by General Electric-controlled Baker Hughes, the world’s largest oil field service company, as a panelist to discuss global energy trends, the company said.

As the only Korean panelist, Kim spoke about successful business models to cope with changes in the energy field.

Kim’s attendance of the event, where more than 1,400 energy experts participate every year, reflects Posco Daewoo winning recognition from major companies as an energy service company following its successful natural gas development and operation in Myanmar, the firm said.

He also met Lorenzo Simonelli, chairman of Baker Hughes, to seek possible business partnership, it added.

Last week, the company said it would establish an integrated energy value chain that will encompass gas mining, trading and power generation.

Posco Daewoo will take part in 10 new gas mining projects over the next five years with an aim to become a global exploration and production firm, it said.

By Cho Chung-un (christory@heraldcorp.com)